Rex Minerals Limited (ASX:RXM) Identifies New Large Scale Silver/Gold-Silver Targets At White Rock, Mt Carrington Project

Melbourne, Aug 27, 2009 AEST (ABN Newswire) - Rex Minerals Limited (ASX:RXM) has commenced exploration drilling at its 100% owned White Rock project at Mt Carrington in NSW following the completion of a geophysical survey which identified a new large scale target located underneath the White Rock and White Rock North projects.

A total of 4 drill holes (to a depth of approximately 300 metres) are planned to test this anomaly during August and September with assays expected in October.

White Rock IP survey

A pole-dipole array Induced Polarisation (IP) survey was completed in the White Rock area in July 2009. The array comprised 6 x 1.5km lines and was oriented NW-SE to optimise the response from the interpreted NE-striking mineralised quartz-sulphide structures at White Rock.
The IP survey has highlighted a large target that appears to extend from beneath the existing Inferred Resource at White Rock (8Mozs of silver) to the White Rock North project area.

The survey was very successful in defining a highly encouraging 'doughnut' shaped zone of strong chargeability, interpreted to be related to zones of strong sulphide development which are commonly associated with the gold and silver mineralisation in the area. The shape of the anomaly indicates that it is possibly developed around the margins of a porphyry intrusion at depth. The anomaly appears to develop significantly from 150m beneath the surface. The shallow zone of sulphide-rich silver mineralisation identified to date at White Rock is spatially related to one small section of the IP anomaly near the surface, and this zone is interpreted to be the shallow expression of potentially broader silver and gold mineralisation in the area to the north and at depth.

The size of the chargeability high is found to increase with depth and is interpreted to be related to the presence of sulphide minerals in the rock. Rex believes the use of IP surveys throughout the Mt Carrington project will prove to be a very important targeting tool and assist significantly the identification of large scale copper, gold and silver mineralisation.

Eight drill holes have been completed since the drill rig arrived at Mt Carrington in July 2009. These drill holes were focussed on defining the strike extent of the shallow high grade copper mineralisation that was intersected previously at the All Nations prospect (announced on 30 March 2009).

A down hole electromagnetic (EM) survey is planned for completion on these drill holes in early September to assist in identifying the location of further high grade copper mineralisation at All Nations.

A detailed IP survey has also been completed over the entire central mining lease area at Mt Carrington, which holds significant potential for copper, gold and silver mineralisation. The results from both the IP survey and the down hole EM survey, along with the drilling results from All Nations and White Rock North are all expected to be processed and reported by the end of September.

For the complete Rex Minerals ASX Announcement, please click the link below:

http://www.abnnewswire.net/media/en/docs/61336-ASX-RXM-322731.pdf

Contact

Steven Olsen (Managing Director) or Janet Mason (Company Secretary) Phone: 03-5337-4000 E-mail: info@rexminerals.com.au